Terra Tech Corp Takes Delivery of 5 Acres of Greenhouse and Begins Expansion Plans for the Edible Garden Brand
IRVINE, Calif.--(BUSINESS WIRE)-- Terra Tech Corp. (OTCBB: TRTC), a leader in sustainable agricultural products, is pleased to announce it has completed its purchase of 5 acres of greenhouse to be constructed in Belvidere, NJ. The new structure, which has recently arrived at the construction site, will be utilized to cultivate hydroponic produce to be sold throughout the Northeast.
"The interest in locally grown produce throughout the country is increasing. The addition of 5 acres of fully automated greenhouse gives Edible Garden the ability to expand its foot print throughout the Northeast," said Ken Vande Vrede, COO of Terra Tech.
The procurement of an additional 5 acres of greenhouse structure to be erected in New Jersey is a fundamental step in the company's expansion plans. Terra Tech has elected to begin construction on the entire 5 acres at one time. Each acre of greenhouse has the ability to cultivate close to $2 million of produce annually. The company plans on increasing the penetration they currently have in the Northeast and have identified 12,000 retailers throughout their local market.
Edible Garden, a premier brand of local and sustainably grown produce is available at close to 400 major grocery store chains such as Shoprite, Food Emporium and others throughout New Jersey, New York, Delaware, Maryland, Connecticut, and Pennsylvania. The 5-acre facility will allow Edible Garden to expand into additional markets as well as introduce new products to the market.
"We were able to purchase this facility out of a distressed situation which saved our company close to $1 million. The Vande Vrede's, through their strong industry connections, procured this opportunity for Terra Tech," said Derek Peterson, CEO of Terra Tech. "The significant savings allows us to expedite our expansion plan and construct the entire project at one time."
Upon completion the facility will be a fully automated, high tech, commercial scale hydroponic center capable of producing some of the cleanest, freshest and most energy efficient produce in the northeast. The company anticipates the project will be completed towards the end of 2013 with the first crop to be shipped before year-end. At full production and at current prices Terra Tech expects to generate up to $10 million in revenue from the five-acre greenhouse.
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About Terra Tech
Through its wholly-owned subsidiary GrowOp Technology, Terra Tech Corp. specializes in controlled environment agricultural technologies. The company integrates best-of-breed hydroponic equipment with proprietary software and hardware to provide sustainable solutions for indoor agriculture enterprises and home practitioners. We work closely with expert horticulturists, engineers, and plant scientists to develop and manufacture advanced proprietary products for the fast-growing urban agricultural industry as well as individual hobbyists. Large companies, small urban farmers, home enthusiasts, and traditional greenhouse growers utilize our products. Our complete product line is available at specialty retailers throughout the United States, and via our website. Terra Tech Corp. was incorporated in July 2008 in the State of Nevada; its subsidiary GrowOp Technology was founded March 2010, in Oakland, California.
Statements in this press release may be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "anticipate", "believe", "estimate", "expect", "intend" and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in Terra Tech Corp.'s filings with the Securities and Exchange Commission. In addition, such statements could be affected by risks and uncertainties related to Terra Tech Corp.'s (i) product demand, market and customer acceptance of its equipment and other goods, (ii) ability to obtain financing to expand its operations, (iii) ability to attract qualified sales representatives, (iv) competition, pricing and development difficulties, (v) ability to integrate GrowOp Technology Ltd. into its operations as a reporting issuer with the Securities and Exchange Commission, and (iv) general industry and market conditions and growth rates and general economic conditions. Any forward-looking statements speak only as of the date on which they are made, and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release. Information on Terra Tech Corp.'s website does not constitute a part of this release.
Terra Tech Corp.
Lindsay Wiemer, 855-447-6967 ext 703
Independence Financial Ltd.
Bill Clayton, 480-414-1897 (Direct)
KEYWORDS: United States North America California New Jersey
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